How Do You Qualify for a Business Loan?
You qualify for a business loan by meeting a lender's minimums on four things: credit score, monthly revenue, time in business, and documentation. The catch is that those minimums vary wildly by lender. Banks generally want a 680+ personal score, two or more years in business, and strong financials. Online lenders will fund scores down to the 500s and businesses as young as six months, provided the bank deposits are consistent.
Part of our guide to Business Loans.
Last updated · Reviewed by Cody Dreis
50+ Lenders|Funding in as little as 24 hours
The Full Answer
Here is what most lenders check, in order of weight. Revenue: consistent monthly deposits, with some lenders funding at $10K a month and others requiring $50K+. Credit: your personal FICO, since most small business loans carry a personal guarantee. Time in business: 3–6 months for revenue-based products, 2+ years for banks and SBA loans. Documents: 3–6 months of bank statements, your most recent business tax return, and ID.
You don't need to hit every mark. Strong deposits can offset a bruised score, and collateral can offset a short track record. The real work is finding the lender whose criteria fit your numbers.
How Quordx Helps
That matching is exactly what Quordx does. One application, about 10 minutes online, and Quordx routes your profile to the 3–7 best-fit lenders in a network of 50+. Decisions typically come back in 24–48 hours, and borrowers never pay Quordx a fee.
See which lenders your business qualifies with: one free application, no obligation.
See what you could qualify for
Four answers about your business. No credit pull.
Apply for Funding
No obligation · Initial inquiry doesn't impact credit · Takes about 10 minutes
Written by
Cody Dreis
Founder, Quordx Capital
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Quordx Capital is a business funding broker, not a lender. Lenders make every credit decision and set the rate, fees and terms, and not every business qualifies. Quordx may be paid by a lender when a deal funds. Full disclosures